Nordic Oil and Gas Ltd. Announces Closing of Private Placement Offering


    WINNIPEG, Oct. 24 /CNW/ - Donald Benson, Chairman and Chief Executive
Officer of Nordic Oil and Gas Ltd. (the "Corporation"), today announced the
closing of the Corporation's previously announced private placement offering
of units (the "Offering"). The Corporation issued 1,375,000 units (the
"Units") at a price of $0.20 per Unit for gross proceeds of $275,000 to
various subscribers. Each Unit consisted of one Class A common share of the
Corporation issued as a "flow-through share" within the meaning of the Income
Tax Act (Canada) (a "Flow-through Share") and one half of one Class A common
share purchase warrant (a "Warrant"). Each whole Warrant entitles the holder
thereof to purchase one regular Class A common share of the Corporation at a
price of $0.30 for a period of two years from the date of issuance. The
Flow-through Shares and Warrants will be restricted from transfer for a period
of four months and a day from the date hereof in accordance with applicable
securities laws and the policies of the TSX Venture Exchange.
    No finder's fees or commissions were paid and no broker warrants were
issued in connection with the Offering.
    "This latest closing means that we are approximately half-way toward
completion of our financing endeavours," Mr. Benson stated. "We are pleased to
have reached this point thus far, given that in these times few juniors are
receiving the endorsement of the financial community.
    "We have been buying assets of late rather than selling at discounts, and
we are confident that our investors will be rewarded for their support," he
    The closing of the Offering is subject to the final approval of the TSX
Venture Exchange.

    About Nordic Oil and Gas Ltd.
    Nordic Oil and Gas Ltd. is a junior oil and gas company engaged in the
exploration and development of oil, natural gas and Coal Bed Methane in
Alberta and Saskatchewan. The Corporation is listed on the TSX Venture
Exchange and trades under the symbol NOG.

    This news release contains certain statements that may be deemed
"forward-looking statements". All statements in this release, other than
statements of historical fact, that address events or developments that the
Corporation expects to occur, are forward looking statements. Forward looking
statements are statements that are not historical facts and are generally, but
not always, identified by the words "expects", "plans", "anticipates",
"believes", "intends", "estimates", "projects", "potential" and similar
expressions, or that events or conditions "will", "would", "may", "could" or
"should" occur. Although the Corporation believes the expectations expressed
in such forward-looking statements are based on reasonable assumptions, such
statements are not guarantees of future performance and actual results may
differ materially from those in forward looking statements. Factors that could
cause the actual results to differ materially from those in forward-looking
statements include market prices, exploration and drilling success, continued
availability of capital and financing and general economic, market or business
conditions. Investors are cautioned that any such statements are not
guarantees of future performance and actual results or developments may differ
materially from those projected in the forward-looking statements. Forward
looking statements are based on the beliefs, estimates and opinions of the
Corporation's management on the date the statements are made. The Corporation
undertakes no obligation to update these forward-looking statements in the
event that management's beliefs, estimates or opinions, or other factors,
should change.

    The TSX Venture Exchange has not reviewed nor accepts responsibility for
    the adequacy or accuracy of the contents of this News Release.

    %SEDAR: 00015188E

For further information:

For further information: Donald Benson, Chairman & CEO, Nordic Oil & Gas
Ltd., Tel: (204) 956-5042, Fax: (204) 897-7154,,

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Nordic Oil & Gas Ltd.

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